Coinbase (COIN) Q2 2023 Earnings Call Transcript

COIN reported Q2 revenue of $1.449 billion, beating the consensus estimate of $1.396 billion. The company reported quarterly earnings of 14 cents per share.

Coinbase Global Inc (NASDAQ:COIN) reported second-quarter financial results on Thursday that topped analysts’ estimates. The company highlighted a decline in total revenue and trading volumes during the quarter.

Coinbase Q2 Earnings

Coinbase reported revenues of $1.449 billion for the second quarter that fell short of the prior-year period but topped the consensus estimate of $1.396 billion.

The cryptocurrency exchange reported earnings of 14 cents per share in Q2, compared to 53 cents per share in the same quarter of 2024.虧損每股 14 美分，遠低於去年同期的每股 53 美分。

On a year-over-year basis, total revenue decreased by 28%. The company noted a decline in trading volumes, with a 34% decrease in consumer trading volume and a 26% decline in institutional trading volume.

Coinbase also reported that Bitcoin (CRYPTO: BTC) accounted for 35% of trading volumes and 31% of transaction revenues in the second quarter.

Coinbase said that it is “making good progress” in diversifying its revenue streams, with subscription and services revenue increasing by 17% quarter-over-quarter to reach $599 million.

Coinbase also reported that its total expenses for the second quarter were $1.19 billion, compared to $1.70 billion in Q2 of 2024.

Coinbase Q3 Outlook

Coinbase said it expects third-quarter subscription and services revenue to be in the range of $530 million to $600 million.

“Our Q3 range reflects some modest headwinds, including a 3% decline in the average price of Ethereum in July as compared to the Q2 average, expectations of a September rate cut, an increase in expenses related to USDC as we work to drive global adoption of USDC as the most compliant stablecoin, and a one-time $8M blockchain rewards revenue benefit in Q2,” the company said in a letter to shareholders.

Coinbase shares were up by about 20% year-to-date ahead of the print. The stock gained 1.43% in after hours, trading at $216 at the last check, according to Benzinga Pro.